Fable Food Raises $6.5M AUD to Launch Mushroom Meat in the US

Fable Food Secures $6.5 Million AUD in Seed Funding

Based in Sydney, Australia, Fable Food is a burgeoning plant-based food company that has recently announced a successful funding round. The company, specializing in meat alternatives derived from mushrooms, has garnered $6.5 million AUD – equivalent to approximately $4.8 million USD – in a seed funding round.

This investment was spearheaded by Blackbird Ventures, a prominent Australian venture capital firm with a portfolio encompassing well-known companies like Canva, Culture Amp, and SafetyCulture.

Investment Details and Key Participants

Beyond Blackbird Ventures, the funding round saw participation from several other key investors. These include AgFunder, a venture firm focused on agriculture and food technology, as well as Aera VC and Better Bite Ventures, both dedicated to sustainability initiatives.

Furthermore, Ban Choon Marketing, a Singapore-based produce importer, and Warren Hogarth, a former partner at Sequoia Capital, also contributed to the funding.

Expansion Plans and Current Availability

Fable Food is actively preparing for a launch into the United States market before the year concludes. Currently, its products are readily available in Australia.

Consumers in Australia can find Fable’s offerings at major retailers such as Woolworths, Coles, and Harris Farm Markets.

The company’s products are also featured on the menus of numerous restaurants, including Grill’d, which has integrated the Meaty Mushroom Burger Pattie into its offerings at 136 locations nationwide.

Availability extends beyond Australia, with Fable’s products also being served in restaurants located in Singapore and the United Kingdom.

Founding and Core Team

The startup was established in 2019 by a team with diverse expertise. This includes Jim Fuller, a fine dining chef who transitioned into chemical engineering and mycology (the study of mushrooms).

Chris McLoghlin, an organic mushroom farmer, and Michael Fox, a serial entrepreneur with a background in founding Shoes of Prey, also form the core founding team.

The Motivation Behind Fable Food

Michael Fox, Fable’s CEO, shared with TechCrunch that his personal dietary shift to veganism – driven by health, environmental, and ethical considerations – sparked the company’s inception.

He observed a widespread desire among individuals to reduce meat consumption, yet many find it difficult due to their enjoyment of meat’s taste and texture.

Fox sought a solution to facilitate a smoother transition to plant-based diets, leading him to explore mushrooms as a foundational ingredient.

His subsequent meeting with Fuller and McLoghlin proved pivotal, as they were concurrently developing mushroom-based meat alternatives.

“We quickly recognized a shared commitment to ending industrial agriculture and fostering a food system that is more ethical, healthy, sustainable, and contributes to lower greenhouse gas emissions,” Fox stated.

Product Line and Mushroom Selection

Fable’s initial product range includes alternatives to pulled pork, braised beef, and beef brisket. The company’s founder, Fuller, drew inspiration from his Texan upbringing and a desire to replicate the flavors of slow-cooked meats.

Additionally, Fable offers a selection of convenient, ready-made meals.

The company utilizes shiitake mushrooms, chosen for their distinct qualities. Fox explained that shiitake mushrooms possess a naturally umami-rich flavor profile, a fibrous texture that mimics the bite of animal proteins, and a chemical composition that allows them to replicate flavors found in meat when cooked.

Science and Growth Leadership

Jim Fuller serves as Fable’s chief science officer, leveraging his multifaceted background to optimize flavor, aroma, and texture while minimizing processing and ingredient lists.

For instance, the braised beef alternative is crafted using shiitake mushrooms, seven additional ingredients, and simple seasoning with salt and pepper.

The company has also appointed Dan Joyce, formerly the general manager of Europe, the Middle East, and Africa at SafetyCulture, as its chief growth officer, responsible for leading global sales and marketing efforts.

Fable intends to enter the U.S. market through strategic partnerships with restaurants and meal kit delivery services.

Distinction from Competitors

Other companies in the mushroom-based meat alternative space include Meati and AtLast. Fox highlighted a key distinction: Fable utilizes mushrooms directly, while Meati and AtLast focus on fermenting mycelium – the root structure of fungi.

Future Outlook and Funding Allocation

The newly acquired funding will be allocated towards research and development, as well as expanding production and manufacturing capabilities both within Australia and internationally.

While the company is currently keeping its future product pipeline confidential, Fox indicated plans to develop mushroom-based alternatives for pork, chicken, lamb, and other animal proteins.